/KASE, June 30, 2020/ – Samruk-Energy (Nur-Sultan), whose bonds are officially
listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following
press release of June 30, 2020:
Fitch Ratings affirmed Samruk-Energy's long-term foreign and local currency
credit rating at "BB", and also increased Samruk-Energy's creditworthiness on a
stand- alone basis from "B" to "B+" and the rating of unsecured loans from "BB-"
to "BB". The outlook is "Stable".
Improving the creditworthiness on a stand-alone basis is associated with a
stronger financial profile due to improved credit indicators and a decrease in
the Company's currency risks. The increase in the priority unsecured ratings of
the Company is associated with less structural subordination for unsecured
The ratings were affirmed due to the fact that the Company significantly reduced
its exposure to currency fluctuations after refinancing a loan in US dollars at
the Moinak HPP in local currency at the holding level, as well as converting
the USD-loan into the local currency. At the end of 2019, foreign currency debt
amounted to only 2%, compared to 60% in 2016. Thus, as the Agency notes, the
Group increased its financial flexibility and ability to withstand currency
The complete press release is available on KASE website:
– in Kazakh;
– in Russian.